AI in Credit Decision-Making Is Promising, but Beware of Hidden Biases, Fed Warns | Lowenstein Sandler LLP
To embed, copy and paste the code into your website or blog: As financial services firms increasingly turn to artificial intelligence (AI), banking regulators warn that despite their astonishing capabilities, these tools must be relied upon with caution. Last week, the Board of Governors of the Federal Reserve (the Fed) held a virtual AI Academic Symposium to explore the application of AI in the financial services industry. Governor Lael Brainard explained that “particularly as financial services become more digitized and shift to web-based platforms,” a steadily growing number of financi...
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